Covenant Asset Management LLC Has $9.27 Million Stake in Advanced Micro Devices, Inc. (NASDAQ:AMD)

Covenant Asset Management LLC increased its stake in shares of Advanced Micro Devices, Inc. (NASDAQ:AMD) by 22.3% in the third quarter, Holdings Channel.com reports. The fund owned 56,477 shares of the semiconductor manufacturer’s stock after purchasing an additional 10,313 shares during the period. Advanced Micro Devices comprises about 1.5% of Covenant Asset Management LLC’s holdings, making the stock its 8th biggest position. Covenant Asset Management LLC’s holdings in Advanced Micro Devices were worth $9,267,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AMD. Semmax Financial Advisors Inc. lifted its position in Advanced Micro Devices by 926.7% during the first quarter. Semmax Financial Advisors Inc. now owns 154 shares of the semiconductor manufacturer’s stock valued at $28,000 after purchasing an additional 139 shares during the last quarter. Creative Capital Management Investments LLC lifted its position in Advanced Micro Devices by 124.6% during the third quarter. Creative Capital Management Investments LLC now owns 155 shares of the semiconductor manufacturer’s stock valued at $25,000 after purchasing an additional 86 shares during the last quarter. ZRC Wealth Management LLC lifted its position in Advanced Micro Devices by 90.4% during the third quarter. ZRC Wealth Management LLC now owns 158 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 75 shares during the last quarter. Fairway Wealth LLC bought a new position in Advanced Micro Devices during the second quarter valued at $27,000. Finally, Morton Brown Family Wealth LLC lifted its position in Advanced Micro Devices by 94.4% during the second quarter. Morton Brown Family Wealth LLC now owns 175 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 85 shares during the last quarter. Institutional investors own 71.34% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on AMD. Robert W. Baird lowered their price objective on shares of Advanced Micro Devices from $200.00 to $175.00 and set an “outperform” rating for the company in a research report on Wednesday, July 31st. Susquehanna reissued a “positive” rating and issued a $200.00 target price on shares of Advanced Micro Devices in a research note on Wednesday, July 31st. Truist Financial reduced their target price on shares of Advanced Micro Devices from $162.00 to $156.00 and set a “hold” rating on the stock in a research note on Wednesday, July 31st. Rosenblatt Securities reissued a “buy” rating and issued a $250.00 target price on shares of Advanced Micro Devices in a research note on Monday, October 28th. Finally, UBS Group reduced their target price on shares of Advanced Micro Devices from $210.00 to $205.00 and set a “buy” rating on the stock in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, twenty-eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $192.79.

Advanced Micro Devices Stock Down 0.3 %

NASDAQ:AMD opened at $137.21 on Friday. Advanced Micro Devices, Inc. has a fifty-two week low of $116.37 and a fifty-two week high of $227.30. The stock has a market capitalization of $222.67 billion, a P/E ratio of 123.61, a P/E/G ratio of 1.93 and a beta of 1.71. The company has a debt-to-equity ratio of 0.03, a quick ratio of 1.78 and a current ratio of 2.50. The company’s 50-day simple moving average is $153.95 and its 200-day simple moving average is $154.70.

Advanced Micro Devices (NASDAQ:AMD) last released its quarterly earnings results on Tuesday, October 29th. The semiconductor manufacturer reported $0.92 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.92. Advanced Micro Devices had a net margin of 7.52% and a return on equity of 6.62%. The business had revenue of $6.82 billion for the quarter, compared to analysts’ expectations of $6.71 billion. During the same period last year, the business earned $0.53 EPS. The company’s revenue was up 17.6% compared to the same quarter last year. On average, equities analysts anticipate that Advanced Micro Devices, Inc. will post 2.53 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Lisa T. Su sold 80,000 shares of Advanced Micro Devices stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $143.87, for a total value of $11,509,600.00. Following the completion of the sale, the chief executive officer now directly owns 3,566,762 shares in the company, valued at $513,150,048.94. This trade represents a 2.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Forrest Eugene Norrod sold 40,540 shares of Advanced Micro Devices stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $141.67, for a total transaction of $5,743,301.80. Following the completion of the sale, the executive vice president now owns 293,347 shares of the company’s stock, valued at $41,558,469.49. This trade represents a 12.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.73% of the company’s stock.

About Advanced Micro Devices

Advanced Micro Devices, Inc operates as a semiconductor company worldwide. It operates through Data Center, Client, Gaming, and Embedded segments. The company offers x86 microprocessors and graphics processing units (GPUs) as an accelerated processing unit, chipsets, data center, and professional GPUs; and embedded processors, and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing unites, field programmable gate arrays (FPGA), and adaptive SoC products.